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Tesla's Musk: Cryptocurrency 'Promising' but Exercise 'Caution!'

Elon Musk also tweets, 'I’m looking for a shiba pup!' which refers to the logo of the dogecoin, the cryptocurrency whose value has soared recently.
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Tesla  (TSLA) - Get Tesla Inc. Report Chief Executive Elon Musk is at it again on cryptocurrencies, tweeting early morning Friday, "Cryptocurrency is promising, but please invest with caution!"

He also tweeted, “I’m looking for a shiba pup!” which refers to the logo of the dogecoin, a digital currency that started as a joke, but has now skyrocketed almost 13,000% year-to-date. It recently traded at 61.18 cents, up 1.26% for the day.

Musk has tweeted frequently about dogecoin in recent months, calling it "the people's crypto" and often causing surges in its price.

The most popular digital currency, bitcoin, recently traded at $56,544, down 2%, and has jumped 92% year to date.

Analysts note that Musk constantly tweets about cryptocurrencies, and many of his followers trade based on whatever he says, even though the posts are rarely longer than a sentence. 

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On April 24, Musk tweeted, “What does the future hodl?" That’s an intentional misspelling of the word "hold," which refers to a popular bitcoin and crypto meme that originated in 2013.

On April 26, Barstool Sports founder Dave Portnoy called into question Tesla selling 10% of its bitcoin holdings, drawing a quick rebuke from Musk.

Portnoy, aka @stoolpresidente, couched his criticism as a question, saying in a tweet “Am I understanding this correctly? Elon Musk buys bitcoin. Then pumps it. It goes up. Then he dumps it and makes a fortune.

Musk replied to the tweet saying “No, you are not.” Musk went on to say that he has not sold any of his personal bitcoin holdings and that Tesla only sold part of its bitcoin stake to "prove liquidity of Bitcoin as an alternative to holding cash on balance sheet."

As for Tesla, sources told electric vehicle news site Elektrek Thursday that the company’s vehicles are already sold out for the second quarter.

Musk is scheduled to host a much-anticipated episode of Saturday Night Live on May 8, which some have pointed to as a reason for dogecoin's surge earlier this week.